Proper context to start the day with a solid win, and make all the difference.

DAILY SCHEDULE Watch the pre-open Tour recording* HERE <<== *Manually open Adobe Connect (install on Windows or Mac), then paste the recording's link there. chaRTroom** is now open... Pre-open update is at 9:15 ET **This is NOT the direct chaRTroom link

Through the prior close... (summary of last Market Wrap) Monday started off on a bullish foot. After gapping up Sunday night and fluctuating around last Thursday's 3670.00 high, rallying through the open extended up to 3691.50. But the balance of the session trended down, back through Friday's 3655.00 cash session close to 3637.50. Not of the same stature as unfinished business, but two positions of strength were left outstanding. Overnight action's new info... (nearby chart is last intraday session and Globex) Sideways ranging through midnight eventually attacked 3636.00, just 1 point under Monday's low. The reaction immediately launched a 29-point rally through Europe's opens. Reaction to yesterday afternoon's 3664.50 high consolidated in a Flag, which just broke higher during the Market Tour to 3668.50. If, then... (notes to accompany the Tour recording) A hint of things to come? Last night's rally has retraced yesterday's second position of strength where the bias environment exit had isolated a fresh low. This implies the bullish context is accurate, so yesterday's first position of strength at its highs may also be retraced. The retrace also tested yesterday afternoon's 3664.50 high, whose recovery through the open could form a bullish session-long rally. It's a little early to expect that price action will wait here patiently for the intraday, so any temporary pullback should resolve quickly to greet the open back up here or higher. It's also a little early to penalize buyers for only testing the setup's 3664.50 trigger, but testing it post-open will resolve either bullishly or bearishly. Bias Parameters... (linked here)

Session-long rally setup triggered, but so far unproductive. The overnight recovery extended through the open to 3671.00. The first 15 minutes didn't trend either way, but held up above yesterday afternoon's 3664.50 high to trigger a session-long rally setup. Price action since then apparently didn't get the memo. Trending down just touched 3654.00, testing the 3655.50 bias-up target's support, and also probing the gap-to-gap proxy. RSIs are avoiding oversold, so the pullback's low doesn't require retest. This morning's renewed bias-up doesn't require rallying, but the context suggests it. As does the session-long rally. As for the session-long rally, If the bias environment doesn't probe the open's high, then every remaining timing window should probe higher. And not probing higher during the noon hour would mean the otherwise bullish setup had failed.

TUE P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3669.00 signal would target 3681.00. BIAS-DOWN: under 3658.25 signal would target 3650.50. NO-BIAS: between both signals. TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3676.00 3669.00 ...would target 3688.00 3681.00 Bias-down: under 3665.25 3658.25 ...would target 3657.50 3650.50 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED . BIAS VIDEOS... INTRO // EXAMPLE

Session-long rally back on-track. This morning's pullback from 3671.00 attacked 3652.00 at the gap-to-gap's 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} of its 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retrace. Firming into the bias environment lapsing triggered a 3658.75 buy signal, and House majority leader Pelosi did the rest. Her headline triggered a rally through the noon hour up to 3684.50. It was just enough to renew the bias-up signal, although price action has only hovered at the 3681.00 bias-up target. Already retracing yesterday's second position of strength overnight at 3664.50 had suggested yesterday's first position of strength would also be retraced up to 3691.50. Now that's 7 points away, instead of 55. Its retest is likely to visit 3693.50. Negative knee-jerk headline reactions can't be discounted, but the session-long rally setup makes them likely to recover. Meanwhile, the setup expects the final hour to probe fresh session highs, regardless of extending higher.

Trending down into Monday's close down to 3637.50 was rejected by Tuesday's gap up above the 3664.50 afternoon high. Triggering the session-long rally setup first detoured back down to the 3652.00 morning low. Each of the three remaining timing windows probed higher highs to fulfill the setup -- only by 1 tick at the very last minute's 3388.50 high. Monday night's 3636.00 low was 1 point under Monday's low to avoid being an Inside day. So, Tuesday's last-minute peak at 3 points short of Monday morning's 3691.50 high can be considered restrained optimism -- bullish from a contrarian perspective. And its retest should be probed by 2 points up to 3693.50. Tuesday's rally gained no traction for its effort, so trending up Wednesday morning requires gapping up. That said, session-long setups tend to extend the next morning anyway. Trending at all Wednesday morning will probably become inhibited ahead of the afternoon FOMC events. It is generally the most opportunistic trading environment, and much more so when greeted by multiple widely fluctuating sessions. See details and other markets coverage in the post-market Wrap recording* here. *Manually open Adobe Connect (install on Windows or Mac), then paste the recording's link there. Monitor overnight Globex trading in the chaRTroom here [NOT the direct link].

WED A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP: above 3693.50 signal would target 3703.50. BIAS-DOWN: under 3678.25 signal would target 3670.50. NO-BIAS: between both signals. WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3700.50 3693.50 ...would target 3710.50 3703.50 Bias-down: under 3685.25 3678.25 ...would target 3677.50 3670.50 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE